NOTE: We’ve updated this to include yet another fantastic example of a brand that is deploying creative and innovative ways of maximizing the performance of their refer-a-friend program.
What is a referral program? A referral program is growth marketing tactic that seeks to encourage existing customers to recommend a brand to their friends, family and colleagues. Often called word-of-mouth marketing, it seeks to supercharge natural or latent word of mouth with easy to use sharing tools and referral rewards.
Finding the right method to acquire new, valuable customers for your business is hard work. That’s where referral marketing companies come into their own.
Due to that fact that 9 out 10 customers trust peer recommendations, a figure much higher than that achieved by traditional advertising, more marketing leaders are turning to conversational, trust-based marketing, and continuing to adopt new marketing technology to reach new customers. However, the proven tactic that continues to bring in more loyal customers for titans like Dropbox, Slack, Uber and so many more is referral marketing.